241 Milwaukee Ave, Wheeling, IL 60090-5018

This exceptional commercial property, located at 241 S Milwaukee Ave in Wheeling, Illinois (zip code 60090), presents a unique investment opportunity. Situated on a nearly two-acre lot (71,218 sq ft) in Cook County, this 10,761 square foot, two-story building boasts a prime location on Wheeling's bustling restaurant row. The property, with APN 03-12-101-050-0000, 03-12-101-052-0000, and 03-12-101-060-0000, is zoned B-3 and features a fully operational restaurant, bar, and party room on the ground floor. A substantial three-bedroom apartment on the second floor generates rental income. The basement includes an additional party room, dance floor, two bars, four walk-in coolers, ample storage, and restrooms. The property was renovated in 2012. A significant revenue stream is generated from gaming, with annual income approaching $100,000. The business itself is not for sale, but the real estate presents a strong opportunity for redevelopment or a new business venture. The property also benefits from outdoor patio seating in two areas and the possibility of securing a village grant. The asking price is $2,595,000 ($241.15 per square foot). This turnkey operation offers a compelling combination of established income streams and significant redevelopment potential.